Yep. Although most dial gauges have a magnetic base, so you might struggle to find enough steel in the area to mount it to. Although, I suppose you could gaffer tape it to the rocker cover!
We're only looking for mm measurements, not 1000th/s of an inch, so any old cheap gauge/caliper should do the trick.
I'm not sure how thick the DLC coating is on the follower, but once that's all worn off, that won't be helping with the pump lift either.
It's clearly a very sensitive setup if 1mm wear is enough to cause fuel pressure drops. You would therefore hope the chain cover is a consistent and accurately machined part on all engines, hence using it as a reference point
I suppose you could even drop a brand new follower down the hole and just stick your chosen measuring device into that, then rotate the engine and note down the lift on each lobe. Even easier!